TIRUPUR: Twenty people from Udumalpet submitted a petition to the district superintendent of police alleging that a family, which ran an unregistered chit fund corporate, cheated them of Rs 33 lakh.
The petitioners stated that after they demanded the cash, probably the most chit fund organisers threatened to dedicate suicide.
M Muthukumar and his spouse Venkateswari, residents of Rahim Layout in Udumalpet, have been working the chit fund for the ultimate six years, the petitioners stated. "Their schemes ranged between Rs 1 lakh and Rs 5 lakh. Returns to the subscribers were prompt when they began operation. But later, their reputation got hit," stated M Balasubramanian, a petitioner.
"The organisers have failed to provide Rs 2 lakh to me and Rs 85,000 to my daughter. Like us, as many as 18 other investors have not received their money. The organisers have cheated us to the tune of Rs 33 lakh. We gave him more than a year's time to settle it. Muthukumar promised that he will sell a property and give us the money. But, he failed," stated Balasubramanian.
"Muthukumar even gave us an undertaking to provide the money, but it also lapsed on October 16," another petitioner stated.
The petitioners stated that after they demanded the cash, probably the most chit fund organisers threatened to dedicate suicide.
M Muthukumar and his spouse Venkateswari, residents of Rahim Layout in Udumalpet, have been working the chit fund for the ultimate six years, the petitioners stated. "Their schemes ranged between Rs 1 lakh and Rs 5 lakh. Returns to the subscribers were prompt when they began operation. But later, their reputation got hit," stated M Balasubramanian, a petitioner.
"The organisers have failed to provide Rs 2 lakh to me and Rs 85,000 to my daughter. Like us, as many as 18 other investors have not received their money. The organisers have cheated us to the tune of Rs 33 lakh. We gave him more than a year's time to settle it. Muthukumar promised that he will sell a property and give us the money. But, he failed," stated Balasubramanian.
"Muthukumar even gave us an undertaking to provide the money, but it also lapsed on October 16," another petitioner stated.
Investors complain of Rs 33 lakh chit fund scam in Tirupur
![Investors complain of Rs 33 lakh chit fund scam in Tirupur]()
Reviewed by Kailash
on
November 01, 2017
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